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KEB Hana Bank, Seoul`s Seongdong District Office win top Korea Knowledge Awards
[Photo by Han Joo-hyung]Seoul`s Seongdong District Office and KEB Hana Bank were on Friday selected for the prestigious Presidential Award during the 8th Korea Knowledge Awards, the highest accolade in the field of knowledge management in Korea. The two winners received the award in recognition of their contribution to spreading a knowledge-focused culture in administrative work and business operation, respectively. The Prime Minster Award were given to Daegu Metropolitan City Government, Jeju Special Self-Governing Province and Busan Port Authority.The Korea Knowledge Awards are bestowed annually jointly by Maeil Business Newspaper, the Ministry of the Interior and Safety, and KPMG Samjong Accounting Corp. during the World Knowledge Forum. The awarding ceremony were held at Hotel Shilla in Seoul on Friday for 13 winning administrative agencies and seven public and private organizations.The Seongdong District Office is credited for a creative administrative culture by introducing an incentive system to recognize and reward officials who join knowledge-oriented administrative activities such as idea sharing and group learning. The district office received high scores for the implementation of a sleeping child check system to prevent children from getting trapped in a school bus by allowing parents and guardians to track the movement of kids in real time via a mobile app. The Office also analyzes big data to identify risky areas around schools and runs a CCTV sharing system between the Office and firefighters and police officers to ensure a faster response to unexpected incidents and accidents.KEB Hana Bank digitizes and manages what is improved regarding its products, services and processes by operating Customer Happiness Committee and an employee idea submission system. The bank`s Hana Digital Campus, with which all employees can voluntarily learn anytime and anywhere, is contributing to the sharing of know-how by combining learning and knowledge sharing into a single system. The bank also succeeded in automating work of 80,000 hours a year by applying a robot process automation technology to 22 tasks in 17 areas.Meanwhile, the World Knowledge Forum in its 20th year wrapped up on Friday after face-to-face class discussions and knowledge sharing over wide ranging issues between some 250 speakers and 3,500 participants.By Ahn Jeong-hoon and Minu Kim[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2020.02.04
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Dr. Doom sees a worldwide recession from 3 scourges in the making
[Photo by Kim Ho-young]The global economy is heading towards inevitable recession from triple scourges – a prolonged trade war between the United States and China, geopolitical crisis stemming from Iran, or hard Brexit, Britain’s exit from the European Union, warned famed economist Nouriel Roubini.“A global recession can be triggered by either escalation of U.S. and China trade war, or possibly hot war between U.S. and Iran that will spike oil prices, or a hard Brexit that will damage Europe and affect the rest of the world,” said the economics professor of New York University’s Stern School of Business, better known as Dr. Doom for predicting the 2008 global financial crisis in an interview with Maeil Business Newspaper on Friday.He has come to Seoul to attend the 20th World Knowledge Forum hosted by Maekyung Media Group as a speaker of a session on Global Economy in Transition – 2020 Economic Crisis Forecast on Thursday.“If there is another global recession, both advanced economies and emerging markets are going to be hurt,” the professor warned.South Korea is no exception.“Within the emerging markets, there are some that have weaker economic and financial and policy fundamentals and others stronger fundamentals,” he said, noting countries like Argentina and Venezuela with significant public debt problems as well as smaller economies like Pakistan and Lebanon.[Photo by Kim Ho-young]“A country like Korea has stronger fundamentals [such as low levels of public debt],” Roubini said. “But of course, if the recession was to be triggered, say, by escalation of the trade currency [and] technology and cold war between the U.S. and China, a country like Korea will be a victim.”Roubini noted that some emerging markets are going to be in more shock than others depending on the source of the shocks.Roubini also warned that leverage loans, collateralized loan obligations, and high-yield bonds could also trigger global financial crisis. He said fiscal policy 10 years ago was considered effective, but policy pools are now limited, noting how Europe and Japan already have negative rates.Roubini echoed the view that was raised by chief economists attending the 20th World Knowledge Forum that some countries or companies could face default.The professor noted that there could actually be default in corporate and government sectors and emerging countries like Argentina could be faced with insolvency risk. .He predicted widening and protraction in the ongoing trade conflict between the U.S. and China.At the worst case, the U.S. could impose 20 percent tariff on Chinese goods worth $500 billion and push the tariff ceiling to 25 to 30 percent, Roubini said.“Even if we reach a mini deal, I feel that tariff are going to go up slightly higher,” he said, “… and even slightly more tariffs is bad for global growth” that would bring negative supply shock and raise inflation.[Photo by Kim Ho-young]The contest will likely go beyond the U.S. presidential election in November next year.Even if the Democrats win the elections, for example, the trade and technology war between the U.S. and China will continue, although a new deal could be reached if China buys more U.S. goods, he said.“Geopolitical rivalry between the U.S. and China will stay with us for a long period of time,” the professor said.Roubini, meanwhile, has warned since last year that the global economic would fall into recession next year due to U.S.-China trade conflict, uncertainty in financial markets, and growing debt in emerging countries like China. He became famous for predicting the 2008 global financial crisis in 2006 in a lecture to economists at the International Monetary Fund where he said global recession was nearing as a result of housing bust and credit crunch.By Yoo Joon-ho and Lee Eun-joo[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2020.02.04
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Hydrogen a better green option for Korea than solar, wind power: IEA chief
[Photo by Han Joo-hyung]Hydrogen can be a more sustainable and realistic option than solar or wind power for Korea in its phase out from fossil fuel, according to Fatih Birol, executive director of the International Energy Agency (IEA).“All government and business leaders are keen to see hydrogen as a key part of the energy future,” Birol said Friday in a session titled “Global Energy Markets: Today and Tomorrow” at the 20th World Knowledge Forum hosted by Korea’s Maekyung Media Group in central Seoul.Birol has served for 15 years at the IEA, a Paris-based intergovernmental organization established under the Organization for Economic Cooperation and Development in 1974 in the wake of the 1973 oil crisis.In the session moderated by Jeong Joon Yu, chief executive of SK E&S, Birol touted Korea as being one of the leading countries with a hydrogen roadmap, adding that Korea`s “momentum (for hydrogen development) is very strong."Hydrogen is a versatile fuel that can be produced from oil, gas, coal and renewables, with a wide range of applications from homes, cars to industries. Birol pointed out that hydrogen can also overcome one of the biggest challenges of solar and wind energy, which is irregularity.“Governments need to recognize that hydrogen is a huge future,” he said. “They need to focus on how to build the infrastructure and how to bring costs down to make it a competitive option for investors.”[Photo by Han Joo-hyung]Korea has been making a big push in the hydrogen economy. Earlier this year, it set a goal to get 2.9 million fuel-cell electric vehicles on the road by 2040, with plans to install 1,200 hydrogen charging stations across the country by the same year. This is a significant bump up from the current 3,000 hydrogen cars and 29 charging stations.Korea’s largest automaker Hyundai Motor has also been betting big on hydrogen. In December 2018, it vowed to invest $7 billion to produce 500,000 fuel-cell cars a year by 2030.Birol also stressed the potential of natural gas. He cited an IEA study that showed replacing coal by gas from 2010 to today had the effect of saving 500 million tons of carbon emissions, equivalent to putting 500 million electric cars on the street.Birol saw diversification as being more important than ever given the current geopolitical climate, with the ongoing U.S.-China trade war and tensions in the Middle East, and advised Korea not to be reliant on a single country.He also saw two areas for improvement in improving Korea’s energy efficiency: trucks and buildings.Korea should consider implementing legally binding fuel efficient standards on gas-guzzling trucks, and refurbishing existing buildings to improve efficiency for cooling and heating purposes, he suggested.By Kang Young-woon and Kim Hyo-jin[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2020.02.04
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Three winners of 4th ASEAN Entrepreneur Award at World Knowledge Forum
The fourth ASEAN Entrepreneur Award ceremony co-hosted by Maeil Business Newspaper and the ASEAN KOREA CENTRE under the auspices of Korea’s Ministry of Foreign Affairs and the ASEAN Secretariat took place on Thursday, the second day of the World Knowledge Forum at the Jangchung Arena in Seoul. This year’s winners are as follows:Regional Champion: Suphajee Suthumpun, CEO of Dusit International, Thailand’s first home-grown hotel brandEmpowering Women: Thai Huong, Chairwoman of TH Group, a Vietnamese company to provide premium dairy products under a ‘smart farm’ system, the biggest ever Vietnamese investor in RussiaEntrepreneur 4.0: Robbie Antonio, CEO of Revolution Precrafted, Philippines’ first unicorn engaged in modular house business in collaboration with renowned architects around the worldThe ASEAN Entrepreneur Award established by the Maeil Business Newspaper in 2016 was designed to help strengthen networking between ASEAN and Korean businesses. Since last year, the award has been co-hosted by the newspaper company and the ASEAN KOREA CENTRE. This year’s awarding ceremony was also sponsored by the Korean Ministry of Foreign Affairs and the ASEAN Secretariat in celebration of the 30th anniversary of the ASEAN-ROK dialogue relations.The award winners were commonly recognized for their adventures into the global market beyond their home market in Southeast Asia.Dusit International CEO Suphajee Suthumpun is leading a new renaissance of the country’s home-grown hotel brand that has 70 years of history. She joined Dusit International in 2016 after serving as global technology head at IBM for over 20 years and as chief executive at Thaicom, a Thai telecommunication satellite company.In her inaugural address, she put an emphasis on a bold business expansion into more overseas markets for Dusit International, which runs more than 50 hotels and resorts in 14 countries with four hotel brands including five-star Dusit Thani."Korea is one of the top three priority markets to Dusit International,” she said, adding “Dusit Thani Guam is well received by Korean tourists.”Dusit International started shared accommodation business riding on technologies that hit the hotel industry. In January, the company closed Bangkok`s first hotel Dusit Thani Bangkok Hotel for a $1 billion redevelopment project of Dusit Central Park, which house luxury hotels, offices and commercial facilities. When completed, it will be Bangkok`s new face, Suphajee said.이미지 확대Thai Huong, Chairwoman of TH Group, became a sensation in 2008 by introducing fresh milk to Vietnamese consumers who had thus far received powder milk as a norm. The group was a latecomer but it quickly raised its market share to 40 percent on a phenomenal business success boosted by sales of premium dairy products. This year, TH Group decided to build a dairy and milk processing complex in Russia, a $2.7 billion project, the largest ever investment committed to Russia by a Vietnamese company. A groundbreaking ceremony held in March was attended by Vietnamese President Nguyen Phu Trong and other top officials.TH Group’s major business focuses in high-tech agriculture, clean and fresh food production for sustainable development. As a pioneer in applying high technologies to agriculture and dairy farming, TH farm is certified as the biggest centralized hi-tech dairy farm in Asia by Asia Book of Records. It has a plan to export functional beverages and organic products to Russia, China and ASEAN member countries. Forbes named her one of the most influential women in Asia for two years in a row. Thai Huong is one of the most respected female business minds in Vietnam.Robbie Antonio, CEO of Revolution Precrafted, started his business to make high-end modular houses in 2015 with a goal of becoming an IKEA-like company in housing. He works with some 80 architects around the world and sells prefab modular homes in more than 30 countries. House modules are prefabricated at a factory in advance and assembled on site like a Lego block.Revolution Precrafted is a global supplier of traditional and prefabricated homes, pavilion, retail pop-ups and other related verticals. This company can build a house in two to three months with costs that are 10 percent cheaper than the traditional house. It became Philippines’ first unicorn start-up valued at over $1billion just in two years after its founding. Dozens of architects who have won the Pritzker Prize, considered the Nobel Prize of architecture, are in partnership with Revolution Precrafted.The winners also expressed anticipation for cooperation with Korea. “If ASEAN companies and Korean universities work together to create and run hospitality-related education and training programs, we can provide decent jobs for young people,” Suphajee Suthumpun suggested. "Vietnam’s agriculture represents a future industry that can grow explosively when combined with abundant resources and disruptive digital technologies," said Thai Huong, adding “smart farming is quite promising.”By Lim Young-sin and Minu Kim[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
2020.02.04
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Chief economists warn downturn, chain bankruptcies next year from trade conflict
Chief economists from around the world gathered at the 20th World Knowledge Forum for a session on Global Economy in Transition -- Global Economic Outlook that took place on Thursday in central Seoul. [Photo by Kim Ho-young]Global chief economists on Thursday raised concerns about escalating trade conflict between the world’s two largest economies of the United States and China, blaming it as the dominant factor behind reduced global economic growth and possibly cause for chain corporate and national bankruptcies.“The U.S.-China trade dispute, this is the number one risk that we see for the global economy and global credit market,” said Elena Okorochenko, managing director and head of Asia Pacific at S&P Global Ratings, one of the speakers for a session on Global Economy in Transition – Global Economic Outlook, on Thursday, at the 20th World Knowledge Forum hosted by Maekyung Media Group.Okorochenko was joined by Robert Koopman, chief economist and director of the economic research and statistics division at World Trade Organization (WTO), and Bruce Kasman, managing director and chief economist at J.P. Morgan.Koopman said in his presentation that WTO next week will release its updated trade forecast for this year and next year, and although he cannot share the numbers, it expects “significant weakness in both trade data and decline in GDP (gross domestic product) growth and that’s making trade prospects pretty negative these days.”He added that there is policy uncertainty in particular as a result of trade tensions, “resulting in sagging business confidence, although tighter financial conditions have been eased a bit with some central bank action in the U.S. and European Union.” Koopman is also professor at the Graduate Institute in Geneva and serves as the WTO representative to the G20 Trade and Investment Working Group.Kasman, who serves as global head of economic research at J.P. Morgan, one of world’s largest investment banks, also echoed concerns.“Outlooks for future have dropped dramatically,” he said. “Our measures of that have gone to levels we haven’t seen since the European crisis between 2011 and 2012.”이미지 확대From left are Yi In-sill, president of Korean Economic Association; Robert Koopman, chief economist and director of economic research and statistics division at World Trade Organization; Elena Okorochenko, managing director and head of Asia Pacific at S&P Global Ratings, and Bruce Kasman, managing director and chief economist at J.P. Morgan. [Photo by Kim Ho-young]The economist noted that companies are reducing spending and capital spending as an indirect effect of the U.S.-China trade conflict and that its frequency indicator suggests that “things are moving more negatively as we move through the third quarter.”Amid rising concerns about the global economy amid escalating U.S.-China trade conflict, Britain’s exit from the European Union, and fluctuation in oil prices, prospects are that some countries or companies could face default next year.Okorochenko noted that global leverage has increased quite significantly over the past 10 years and that the global economy might be nearing the end of the credit cycle, although it may get extension because of low-interest. But she expected some “significant defaults” not as severe as the global financial crisis 10 years ago.Okorochenko did not mention where defaults will take place, but it can be assumed from “significant” that it could happen to major companies or countries.The economist warned Chinese companies could face crisis, as they account for 30 percent of global corporate leverage. The good news, however, is that “most of the leverage is domestic” and “we don’t expect a contagion effect for the rest of the world.”Koopman, who served as director of operations and chief operating officer for the United States International Trade Commission, overseeing the commission’s trade policy research and negotiation assistance to the President, the U.S. Trade Representative, and Congress, said the U.S.-China trade conflict is threatening the global economy and as a result companies are less confident and overall growth is slowed in not only the U.S. but also countries in Europe and Asia.Kasman also warned that geopolitical uncertainty has led companies to have fear and uncertainty towards politics and that in case of China, company spending in the first half of the year has remained almost stalled. Kasman, who currently leads a team of 30 economists at J.P. Morgan that set economic and policy views, directs the investment bank’s flagship research publication Global Data Watch.By Choi Jae-won and Lee Eun-joo
2020.02.04
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